There are various forms of bank accounts. Among the most popular are current account and savings bank account. These two accounts have almost similar operations. However, whereas there is a certain limit on withdrawals in savings account, current account allows you to remove money frequently. At one place, where current account is beaten by savings account, is that the latter allows you to earn interest on money. This is not the criteria with current account. But how would you feel, if you got an opportunity to earn interest on your current account. It would be like Christmas coming early! Guess what! The largest lender has this scheme called SBI Multi Option Deposit Scheme (MODS) Term Deposits that is linked to the Savings or Current Account (individual).

Unlike normal Term Deposits which are fully liquidated anytime you need funds, you can withdraw from a MODS account in multiples of 1000 as per your fund need. The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.

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This means, even your current account can help you earn interest if it is linked with SBI’S MODS.

You can create a MODS Account through OnlineSBI or by visiting your nearest branch.

A minimum term deposit of Rs 10,000 in multiples of Rs 1000 is needed for creating a MOD account. There is no maximum limit, however, to maintain the account.

Interest earned on MODS are similar to other SBI term deposit account where interest rate is ranging between 5% to below 8% for regular and senior citizens.

A customer will have to maintain a minimum tenor is 1 years and maximum is 5 years.This should be simple as normal term deposits is also very popular for over 1-year tenure, as interest rates are higher there.

Even premature withdrawal are allowed and for this, rules for TDR/STDR is applicable.

The customer has to maintain MAB in linked Savings Bank Account. The system does not break MOD to do so.

Hence, if you are looking to earn interest on current account and savings account just like your term deposits, then MODS is a best option for you. Make sure you read all the terms and conditions of SBI before opening the account.